CALGARY, ALBERTA -- (Marketwired) -- 08/26/13 -- Amarok Energy Inc. ("Amarok" or the "Corporation") (TSX VENTURE: AMR) announces the release of its financial results for the three and six months ended June 30, 2013.
The Corporation's financial statements and management's discussion and analysis for the three and months ended June 30, 2013 will be available on SEDAR at www.sedar.com.
The raw seismic for the leased land in Laurel, Montana that was processed at a third party geophysical company in Calgary, Alberta has now been interpreted by Amarok. A preliminary engineering design review has been completed and Amarok is currently reviewing various alternatives regarding future development of the property that may include a farm-out or disposition of the entire property.
The Corporation entered into an agreement with a US based oil and gas operator covering a block of foothills land located in Montana. The agreement includes approximately 67,000 gross acres of land with an option to drill a well thereon in order to earn 75% of the operator's interest (estimated to be a 50% working interest in the block) in four contiguous sections of land, with a rolling option to drill further wells on the same basis. Based on the technical due diligence completed to date, the Corporation elected not to drill an initial well by August 2013 and as a result the current agreement has expired.
Amarok is continuing to work through surface access issues with the South Sunshine drilling opportunity in Wyoming and expects to spud a well after obtaining land access.
In the Llanos 21 Block (Colombia), Amarok held a 5% carried interest on two exploration wells. Both wells were drilled in Q1 of this year to their objective targets. In June 2013 after the wells were completed and tested, it was determined by the operator to abandon the wells due to uneconomic quantities of oil being produced and therefore $107,115 of related capital costs of the property were written off.
Amarok continues to assess new opportunities in the Americas.
Amarok is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas in highly structured play fairways of North America and Colombia.
Cautionary Statement on Forward-Looking Statements and Information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will, "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, forward-looking statements and information in this press release include, but are not limited to: currently reviewing various alternatives regarding future development of the Laurel property that may include a farm-out or disposition of the entire property; the timing of drilling a well as part of the South Sunshine joint venture; continuing to assess new opportunities in the United States and South America. The forward-looking statements and information contained in this press release are based on certain key expectations and assumptions made by Amarok. Although Amarok believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because there can be no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: operational risks in development, exploration and production of oil and gas; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the forgoing list of factors is not exhaustive.
Management has included the above summary of assumptions and risks related to the forward-looking statements and information provided in this press release in order to provide a more complete perspective on the ongoing operations of Amarok and such information may not be appropriate for other purposes. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements and information contained in this press release will transpire or occur, or if any of them do so, what benefits may be derived therefrom.
The forward-looking statements and information contained in this press release are made as of the date hereof and Amarok undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Amarok Energy Inc.
President & Chief Executive Officer
Amarok Energy Inc.
Tim de Freitas
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